My agent asked me to calculate flip tax I am liable for selling coop in NYC

Asked by Joseph Rubbak, 90027 Fri Aug 26, 2011

Could I include NYC transfer tax and NYS state tax how much they are for sale for $ 382,500 I am not resident of NYS
What else I could include in closing cost besides attorney fees
Any suggestions could be helpful Thank you much for your help

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Nick Rafello, Agent, New York, NY
Fri Aug 26, 2011
Send me your email and I will send you a seller's closing cost sheet.

Nick Rafello, V.P.
Associate Broker
The Corcoran Group
nrafello@corcoran.com
646-221-8321 cell
1 vote
Nick Rafello, Agent, New York, NY
Fri Aug 26, 2011
Send me your email and I will send you a seller's closing cost sheet.

Nick Rafello, V.P.
Associate Broker
The Corcoran Group
nrafello@corcoran.com
646-221-8321 cell
1 vote
Armen Meschi…, Agent, New York, NY
Fri Aug 26, 2011
Hi Joseph,
I typically call the management company of the coops I sell and get the latest financials and amendments, and all current building data. The amount of flip tax (not to be confused with capital gains tax) and what portion of the sale proceeds it's applicable to is subject to change by the coop board. Get the latest specifications from the management or ask your broker to do it.

It's important in the case because it's a cost of liquidation that passes with the property to the next owner. Owners typically pay the flip tax. In sponsor sales, sponsor often passes that cost to the buyer. On a resale you can choose to pass it to the buyer also, but in many cases it's difficult to do. So any buyer looking at a property with flip tax will have to somehow work it into their decision and ultimately the price.
0 votes
Jennifer Chi…, Agent, New York, NY
Fri Aug 26, 2011
Ask your agent for a general closing cost sheet specifically for a co-op.

These flip taxes can also be seen as "fine" for the seller who is opting to sell his home; and typically paid for by the seller. Each building will have different ways on how this will be paid out to the co-op.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
0 votes
Martina Ryan, Agent, Bayside, NY
Fri Aug 26, 2011
All flip taxes are different. A flip tax is a fee paid by a seller (or buyer) on a housing co-op transaction typically in New York City. It not deductible as a property tax. It is a transfer fee payable upon the sale of an apartment to the co-op. The exact amount should be somewhere in your paperwork filed with your shares paperwork. If you can not locate them, chances are your attorney may still have a copy or speak to someone in your building. I have seen flip taxes vary from $1 to 85% of the sale price (this was a special case).
0 votes
Jenet Levy, Agent, New York, NY
Fri Aug 26, 2011
Joseph,
Your attorney for the sale should be able to supply you a list with your closing costs. That would be more precise than the generic lists that are readily available online or that we agents have. Your agent would have such a list too, so if she has a need for it to be precise, go over it with your attorney.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Aug 26, 2011
Consider asking your attorney for an estimate regarding closing costs...
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more